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On a GAAP basis, revenues for the quarter totaled $621.7 million,
increasing $20.6 million, or 3.4%, compared to $601.1 million in the
third quarter 2016. Net income was $1.0 million, a decrease of $35.1
million from the prior-year period. Net income was impacted by a $32.2
million after-tax loss on debt extinguishment related to our recent debt
refinancing and repayment. Net income as a percentage of revenues was
0.2% compared to 6.0% in the prior-year period. EPS was $(0.18) compared
to $0.69 in the third quarter 2016.

The $621.7 million of quarterly revenues represents an increase of $19.2
million, or 3.2%, over the adjusted revenues of $602.5 million in the
third quarter 2016. Adjusted EBITDA margin in the third quarter was
19.2%, increasing 70 basis points from 18.5% in the year-ago period.
Adjusted net income was $73.9 million, increasing $12.3 million, or
20.1%, compared to the prior-year period. Adjusted EPS was $1.49,
increasing 15.5% compared to $1.29 in the third quarter 2016. Adjusted
results are non-GAAP measures, and a non-GAAP reconciliation table is
provided as an appendix to this release.

John Stroup, President, CEO, and Chairman of Belden Inc., said, “The
third quarter performance was in line with our expectations, and I am
obviously pleased to report double-digit adjusted earnings growth and
meaningful margin expansion. Our recent debt refinancing provided the
lowest long-term borrowing rate in the history of the company.”

Outlook

“We expect record quarterly revenues and EPS in the fourth quarter, and
we are well-positioned for success longer term. Our balance sheet is
healthy and we continue to aggressively pursue a number of attractive
inorganic opportunities,” said Mr. Stroup.

The Company expects fourth quarter 2017 revenues to be $641 - $661
million. For the full year ending December 31, 2017, the Company now
expects revenues to be $2.425 - $2.445 billion, compared to prior
guidance of $2.415 - $2.445 billion.

The Company expects fourth quarter 2017 GAAP EPS to be $1.61 - $1.71.
For the full year ending December 31, 2017, the Company now expects GAAP
EPS to be $2.50 - $2.60, compared to the previously guided range of
$2.82 - $3.02.

The Company expects fourth quarter 2017 adjusted EPS to be $1.71 -
$1.81. For the full year ending December 31, 2017, the Company now
expects adjusted EPS to be $5.45 - $5.55, compared to the previously
guided range of $5.35 - $5.55.

Earnings Conference Call

Management will host a conference call today at 8:30 am ET to discuss
results of the quarter. The listen-only audio of the conference call
will be broadcast live via the Internet at http://investor.belden.com.
The dial-in number for participants in the U.S. is 888-339-3466; the
dial-in number for participants outside the U.S. is 719-325-2360. A
replay of this conference call will remain accessible in the investor
relations section of the Company’s website for a limited time.

BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Three Months Ended

Nine Months Ended

October 1, 2017

October 2, 2016

October 1, 2017

October 2, 2016

(In thousands, except per share data)

Revenues

$

621,745

$

601,109

$

1,783,759

$

1,744,237

Cost of sales

(381,921

)

(355,147

)

(1,079,312

)

(1,025,027

)

Gross profit

239,824

245,962

704,447

719,210

Selling, general and administrative expenses

(116,429

)

(126,662

)

(346,786

)

(372,125

)

Research and development

(35,442

)

(33,512

)

(105,108

)

(106,297

)

Amortization of intangibles

(27,162

)

(23,808

)

(77,944

)

(75,603

)

Operating income

60,791

61,980

174,609

165,185

Interest expense, net

(19,385

)

(23,513

)

(66,424

)

(71,958

)

Loss on debt extinguishment

(51,594

)

—

(52,441

)

—

Income (loss) before taxes

(10,188

)

38,467

55,744

93,227

Income tax benefit (expense)

11,133

(2,395

)

6,673

1,136

Net income

945

36,072

62,417

94,363

Less: Net loss attributable to noncontrolling interest

(82

)

(88

)

(274

)

(286

)

Net income attributable to Belden

1,027

36,160

62,691

94,649

Less: Preferred stock dividends

8,732

6,695

26,198

6,695

Net income (loss) attributable to Belden common stockholders

$

(7,705

)

$

29,465

$

36,493

$

87,954

Weighted average number of common shares and equivalents:

Basic

42,256

42,126

42,251

42,073

Diluted

42,256

42,648

42,663

42,534

Basic income (loss) per share attributable to Belden common
stockholders:

$

(0.18

)

$

0.70

$

0.86

$

2.09

Diluted income (loss) per share attributable to Belden common
stockholders:

$

(0.18

)

$

0.69

$

0.86

$

2.07

Common stock dividends declared per share

$

0.05

$

0.05

$

0.15

$

0.15

BELDEN INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

Broadcast

Enterprise

Industrial

Network

Total

Solutions

Solutions

Solutions

Solutions

Segments

(In thousands, except percentages)

For the three months ended October 1, 2017

Segment Revenues

$

193,753

$

167,089

$

160,471

$

100,432

$

621,745

Segment EBITDA

35,671

26,409

30,545

24,906

117,531

Segment EBITDA margin

18.4

%

15.8

%

19.0

%

24.8

%

18.9

%

Depreciation expense

4,088

2,740

3,285

1,570

11,683

Amortization of intangibles

13,482

438

646

12,596

27,162

Severance, restructuring, and acquisition integration costs

3,056

6,253

6,840

530

16,679

Purchase accounting effects related to acquisitions

2,922

—

—

—

2,922

For the three months ended October 2, 2016

Segment Revenues

$

196,173

$

156,658

$

149,847

$

99,790

$

602,468

Segment EBITDA

36,545

27,294

23,649

24,448

111,936

Segment EBITDA margin

18.6

%

17.4

%

15.8

%

24.5

%

18.6

%

Depreciation expense

4,063

3,210

2,738

1,592

11,603

Amortization of intangibles

10,955

431

604

11,818

23,808

Severance, restructuring, and acquisition integration costs

174

5,573

4,746

2,302

12,795

Deferred gross profit adjustments

283

—

—

1,076

1,359

For the nine months ended October 1, 2017

Segment Revenues

$

550,420

$

473,504

$

465,907

$

293,928

$

1,783,759

Segment EBITDA

90,681

77,310

87,314

65,563

320,868

Segment EBITDA margin

16.5

%

16.3

%

18.7

%

22.3

%

18.0

%

Depreciation expense

12,095

8,034

9,659

4,806

34,594

Amortization of intangibles

36,950

1,291

1,928

37,775

77,944

Severance, restructuring, and acquisition integration costs

4,434

19,267

8,307

831

32,839

Purchase accounting effects related to acquisitions

4,089

—

—

—

4,089

For the nine months ended October 2, 2016

Segment Revenues

$

560,966

$

452,951

$

438,746

$

296,986

$

1,749,649

Segment EBITDA

89,317

80,605

73,700

66,715

310,337

Segment EBITDA margin

15.9

%

17.8

%

16.8

%

22.5

%

17.7

%

Depreciation expense

12,086

10,028

8,165

4,974

35,253

Amortization of intangibles

37,306

1,292

1,796

35,209

75,603

Severance, restructuring, and acquisition integration costs

5,871

7,280

7,982

5,939

27,072

Purchase accounting effects related to acquisitions

195

—

—

—

195

Deferred gross profit adjustments

1,391

—

—

4,021

5,412

BELDEN INC.

OPERATING SEGMENT RECONCILIATION TO CONSOLIDATED RESULTS

(Unaudited)

Three Months Ended

Nine Months Ended

October 1, 2017

October 2, 2016

October 1, 2017

October 2, 2016

(In thousands)

Total Segment Revenues

$

621,745

$

602,468

$

1,783,759

$

1,749,649

Deferred revenue adjustments

—

(1,359

)

—

(5,412

)

Consolidated Revenues

$

621,745

$

601,109

$

1,783,759

$

1,744,237

Total Segment EBITDA

$

117,531

$

111,936

$

320,868

$

310,337

Income from equity method investment

2,551

586

5,835

1,077

Eliminations

(845

)

(977

)

(2,628

)

(2,694

)

Consolidated Adjusted EBITDA (1)

119,237

111,545

324,075

308,720

Amortization of intangibles

(27,162

)

(23,808

)

(77,944

)

(75,603

)

Depreciation expense

(11,683

)

(11,603

)

(34,594

)

(35,253

)

Severance, restructuring, and acquisition integration costs

(16,679

)

(12,795

)

(32,839

)

(27,072

)

Purchase accounting effects related to acquisitions

(2,922

)

—

(4,089

)

(195

)

Deferred gross profit adjustments

—

(1,359

)

—

(5,412

)

Consolidated operating income

60,791

61,980

174,609

165,185

Interest expense, net

(19,385

)

(23,513

)

(66,424

)

(71,958

)

Loss on debt extinguishment

(51,594

)

—

(52,441

)

—

Consolidated income (loss) before taxes

$

(10,188

)

$

38,467

$

55,744

$

93,227

(1) Consolidated Adjusted EBITDA is a non-GAAP measure. See
Reconciliation of Non-GAAP Measures for additional information.

BELDEN INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

October 1, 2017

December 31, 2016

(Unaudited)

(In thousands)

ASSETS

Current assets:

Cash and cash equivalents

$

461,363

$

848,116

Receivables, net

439,276

388,059

Inventories, net

262,494

190,408

Other current assets

67,048

29,176

Assets held for sale

35,953

23,193

Total current assets

1,266,134

1,478,952

Property, plant and equipment, less accumulated depreciation

324,617

309,291

Goodwill

1,475,467

1,385,995

Intangible assets, less accumulated amortization

566,958

560,082

Deferred income taxes

35,565

33,706

Other long-lived assets

36,107

38,777

$

3,704,848

$

3,806,803

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities:

Accounts payable

$

301,173

$

258,203

Accrued liabilities

257,729

310,340

Liabilities held for sale

1,732

1,736

Total current liabilities

560,634

570,279

Long-term debt

1,530,077

1,620,161

Postretirement benefits

112,938

104,050

Deferred income taxes

21,528

14,276

Other long-term liabilities

37,311

36,720

Stockholders’ equity:

Preferred stock

1

1

Common stock

503

503

Additional paid-in capital

1,123,623

1,116,090

Retained earnings

813,936

783,812

Accumulated other comprehensive loss

(84,342

)

(39,067

)

Treasury stock

(412,059

)

(401,026

)

Total Belden stockholders’ equity

1,441,662

1,460,313

Noncontrolling interest

698

1,004

Total stockholders’ equity

1,442,360

1,461,317

$

3,704,848

$

3,806,803

BELDEN INC.

CONDENSED CONSOLIDATED CASH FLOW STATEMENTS

(Unaudited)

Nine Months Ended

October 1, 2017

October 2, 2016

(In thousands)

Cash flows from operating activities:

Net income

$

62,417

$

94,363

Adjustments to reconcile net income to net cash provided by
operating activities:

Depreciation and amortization

112,538

110,857

Share-based compensation

13,431

13,943

Loss on debt extinguishment

52,441

—

Changes in operating assets and liabilities, net of the effects of
currency exchange rate changes and acquired businesses:

Receivables

(32,950

)

(9,843

)

Inventories

(50,232

)

5,626

Accounts payable

30,290

(3,889

)

Accrued liabilities

(54,828

)

(43,594

)

Income taxes

(32,071

)

(17,375

)

Other assets

(9,046

)

2,798

Other liabilities

11,625

(5,457

)

Net cash provided by operating activities

103,615

147,429

Cash flows from investing activities:

Cash used to acquire businesses, net of cash acquired

(166,896

)

(17,848

)

Capital expenditures

(33,430

)

(36,057

)

Other

—

(971

)

Proceeds from disposal of tangible assets

15

282

Net cash used for investing activities

(200,311

)

(54,594

)

Cash flows from financing activities:

Payments under borrowing arrangements

(1,105,892

)

(51,875

)

Cash dividends paid

(32,535

)

(6,307

)

Debt issuance costs paid

(16,586

)

—

Payments under share repurchase program

(11,508

)

—

Withholding tax payments for share-based payment awards, net of
proceeds from the exercise of stock options

In addition to reporting financial results in accordance with accounting
principles generally accepted in the United States, we provide non-GAAP
operating results adjusted for certain items, including: asset
impairments; accelerated depreciation expense due to plant consolidation
activities; purchase accounting effects related to acquisitions, such as
the adjustment of acquired inventory and deferred revenue to fair value
and transaction costs; severance, restructuring, and acquisition
integration costs; gains (losses) recognized on the disposal of
businesses and tangible assets; amortization of intangible assets; gains
(losses) on debt extinguishment; certain revenues and gains (losses)
from patent settlements; discontinued operations; and other costs. We
adjust for the items listed above in all periods presented, unless the
impact is immaterial to our financial statements. When we calculate the
tax effect of the adjustments, we include all current and deferred
income tax expense commensurate with the adjusted measure of pre-tax
profitability.

We utilize the adjusted results to review our ongoing operations without
the effect of these adjustments and for comparison to budgeted operating
results. We believe the adjusted results are useful to investors because
they help them compare our results to previous periods and provide
important insights into underlying trends in the business and how
management oversees our business operations on a day-to-day basis. As an
example, we adjust for the purchase accounting effect of recording
deferred revenue at fair value in order to reflect the revenues that
would have otherwise been recorded by acquired businesses had they
remained as independent entities. We believe this presentation is useful
in evaluating the underlying performance of acquired companies.
Similarly, we adjust for other acquisition-related expenses, such as
amortization of intangibles and other impacts of fair value adjustments,
because they generally are not related to the acquired business' core
operating performance and vary in amount and frequency. As an additional
example, we exclude the costs of restructuring programs, which can occur
from time to time for our current businesses and/or recently acquired
businesses. We exclude the costs in calculating adjusted results to
allow us and investors to evaluate the performance of the business based
upon its expected ongoing operating structure. We believe the adjusted
measures, accompanied by the disclosure of the costs of these programs,
provides valuable insight.

Adjusted results should be considered only in conjunction with results
reported in accordance with accounting principles generally accepted in
the United States.

GAAP income (loss) per diluted share attributable to Belden common
stockholders

$

(0.18

)

$

0.69

$

0.86

$

2.07

Adjusted income per diluted share attributable to Belden common
stockholders

$

1.49

$

1.29

$

3.75

$

3.83

GAAP diluted weighted average shares

42,256

42,648

42,663

42,534

Adjustment for assumed conversion of preferred stock into common
stock

6,848

—

—

—

Adjustment for anti-dilutive shares that are dilutive under
adjusted measures

414

—

—

—

Adjusted diluted weighted average shares

49,518

42,648

42,663

42,534

BELDEN INC.RECONCILIATION OF NON-GAAP MEASURES(Unaudited)

We define free cash flow, which is a non-GAAP financial measure, as net
cash from operating activities adjusted for capital expenditures net of
the proceeds from the disposal of tangible assets. We believe free cash
flow provides useful information to investors regarding our ability to
generate cash from business operations that is available for
acquisitions and other investments, service of debt principal, dividends
and share repurchases. We use free cash flow, as defined, as one
financial measure to monitor and evaluate performance and liquidity.
Non-GAAP financial measures should be considered only in conjunction
with financial measures reported according to accounting principles
generally accepted in the United States. Our definition of free cash
flow may differ from definitions used by other companies.

Three Months Ended

Nine Months Ended

October 1, 2017

October 2, 2016

October 1, 2017

October 2, 2016

(In thousands)

GAAP net cash provided by operating activities

$

68,834

$

86,859

$

103,615

$

147,429

Capital expenditures, net of proceeds from the disposal of tangible
assets

(11,218

)

(10,692

)

(33,415

)

(35,775

)

Non-GAAP free cash flow

$

57,616

$

76,167

$

70,200

$

111,654

BELDEN INC.

RECONCILIATION OF NON-GAAP MEASURES

2017 EARNINGS GUIDANCE

Year Ended

Three Months Ended

December 31, 2017

December 31, 2017

Adjusted income per diluted share attributable to Belden common
stockholders

$5.45 - $5.55

$1.71 - $1.81

Amortization of intangible assets

$(1.51)

$(0.07)

Loss on debt extinguishment

$(0.76)

$0.00

Severance, restructuring, and acquisition integration costs

$(0.59)

$(0.02)

Purchase accounting effects related to acquisitions

$(0.09)

$(0.01)

GAAP income per diluted share attributable to Belden common
stockholders

$2.50 - $2.60

$1.61 - $1.71

Our guidance for income per diluted share attributable to Belden common
stockholders is based upon information currently available regarding
events and conditions that will impact our future operating results. In
particular, our results are subject to the factors listed under
"Forward-Looking Statements" in this release. In addition, our actual
results are likely to be impacted by other additional events for which
information is not available, such as asset impairments, purchase
accounting effects related to acquisitions, severance, restructuring,
and acquisition integration costs, gains (losses) recognized on the
disposal of tangible assets, gains (losses) on debt extinguishment,
discontinued operations, and other gains (losses) related to events or
conditions that are not yet known.

Net Income and Earnings per Share (EPS)

All references to Net Income and EPS within this earnings release refer
to net income attributable to Belden and income from continuing
operations per diluted share attributable to Belden common stockholders,
respectively.

Use of Non-GAAP Financial Information

Adjusted results are non-GAAP measures that reflect certain adjustments
the Company makes to provide insight into operating results. GAAP to
non-GAAP reconciliations accompany the condensed consolidated financial
statements included in this release and have been published to the
investor relations section of the Company’s website at http://investor.belden.com.

Forward-Looking Statements

This release and any statements made by us concerning the release may
contain forward-looking statements including our expectations for the
fourth quarter and full-year 2017. Forward-looking statements include
statements regarding future financial performance (including revenues,
expenses, earnings, margins, cash flows, dividends, capital expenditures
and financial condition), plans and objectives, and related assumptions.
In some cases these statements are identifiable through the use of words
such as “anticipate,” “believe,” “estimate,” “forecast,” “guide,”
“expect,” “intend,” “plan,” “project,” “target,” “can,” “could,” “may,”
“should,” “will,” “would” and similar expressions. Forward-looking
statements reflect management’s current beliefs and expectations and are
not guarantees of future performance. Actual results may differ
materially from those suggested by any forward-looking statements for a
number of reasons, including, without limitation: the impact of a
challenging global economy or a downturn in served markets; the
competitiveness of the global broadcast, enterprise, and industrial
markets; the inability to successfully complete and integrate
acquisitions in furtherance of the Company’s strategic plan; volatility
in credit and foreign exchange markets; variability in the Company’s
quarterly and annual effective tax rates; the cost and availability of
raw materials including copper, plastic compounds, electronic
components, and other materials; disruption of, or changes in, the
Company’s key distribution channels; the inability to execute and
realize the expected benefits from strategic initiatives (including
revenue growth, cost control, and productivity improvement programs);
disruptions in the Company’s information systems including due to
cyber-attacks; the inability of the Company to develop and introduce new
products and competitive responses to our products; the inability to
retain senior management and key employees; assertions that the Company
violates the intellectual property of others and the ownership of
intellectual property by competitors and others that prevents the use of
that intellectual property by the Company; risks related to the use of
open source software; the impact of regulatory requirements and other
legal compliance issues; perceived or actual product failures; political
and economic uncertainties in the countries where the Company conducts
business, including emerging markets; the impairment of goodwill and
other intangible assets and the resulting impact on financial
performance; disruptions and increased costs attendant to collective
bargaining groups and other labor matters; and other factors.

For a more complete discussion of risk factors, please see our Annual
Report on Form 10-K for the year ended December 31, 2016, filed with the
SEC on February 17, 2017. Although the content of this release
represents our best judgment as of the date of this report based on
information currently available and reasonable assumptions, we give no
assurances that the expectations will prove to be accurate. Deviations
from the expectations may be material. For these reasons, Belden
cautions readers to not place undue reliance on these forward-looking
statements, which speak only as of the date made. Belden disclaims any
duty to update any forward-looking statements as a result of new
information, future developments, or otherwise, except as required by
law.

About Belden

Belden Inc. delivers a comprehensive product portfolio designed to meet
the mission-critical network infrastructure needs of industrial,
enterprise and broadcast markets. With innovative solutions targeted at
reliable and secure transmission of rapidly growing amounts of data,
audio and video needed for today's applications, Belden is at the center
of the global transformation to a connected world. Founded in 1902, the
company is headquartered in St. Louis and has manufacturing capabilities
in North and South America, Europe and Asia. For more information, visit
us at www.belden.com
or follow us on Twitter @BeldenInc.